Republican Paul Ryan proposes over 6 trillion in spending cuts

[Tuesday] morning the new House Republican majority will introduce a budget that moves the debate from billions in spending cuts to trillions.

[…]The president’s recent budget proposal would accelerate America’s descent into a debt crisis. It doubles debt held by the public by the end of his first term and triples it by 2021. It imposes $1.5 trillion in new taxes, with spending that never falls below 23% of the economy. His budget permanently enlarges the size of government. It offers no reforms to save government health and retirement programs, and no leadership.

Our budget, which we call The Path to Prosperity, is very different. For starters, it cuts $6.2 trillion in spending from the president’s budget over the next 10 years, reduces the debt as a percentage of the economy, and puts the nation on a path to actually pay off our national debt. Our proposal brings federal spending to below 20% of gross domestic product (GDP), consistent with the postwar average, and reduces deficits by $4.4 trillion.

A study just released by the Heritage Center for Data Analysis projects that The Path to Prosperity will help create nearly one million new private-sector jobs next year, bring the unemployment rate down to 4% by 2015, and result in 2.5 million additional private-sector jobs in the last year of the decade. It spurs economic growth, with $1.5 trillion in additional real GDP over the decade. According to Heritage’s analysis, it would result in $1.1 trillion in higher wages and an average of $1,000 in additional family income each year.

By the Social Security and Medicare Trustees’ own estimates, we are running headlong into a fiscal tsunami. All told, the government’s entitlement accountants say, we have roughly $107 trillion in unfunded liabilities — $340,836 and change for every American alive today.

Even if you’re generous and reduce that by the amount of assets the government has, the future red ink at the end of the 2010 fiscal year was still about $57 trillion — $7 trillion for federal pensions, $17 trillion for Social Security, $22 trillion for Medicare, and about $11 trillion or so in debt. That’s $481,000 for every U.S. household.

I am sad because children being born today will have a lower standard of living tomorrow. We are spending away their future and it has got to stop! Why fuss about “saving the planet” when we are saddling the young with hundreds of thousands of dollars in debt?

One thought on “Republican Paul Ryan proposes over 6 trillion in spending cuts”

I could fully get behind his proposals if he were to make a few issues a little more clear (I believe he has intentionally left them vague since they are not easy issues to answer – side note: I’m not saying this is a bad/deceptive thing) AND if part of his legislation also removed the golden medical policy that is granted to congress and senate – if they were to have to abide by the same policies as us, I would be 100% behind it since any deficiencies that would be found would be quickly remedied since they too would feel the pain.